Wednesday, October 31, 2012

Institutional Property Advisors Arranges $23.2 Million Sale of Tampa Bay, FL Multifamily Asset


Flagler Pointe Apartments, St. Petersburg, FL

 ST. PETERSBURG, FL, Oct. 30, 2012 – Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has negotiated the sale of  Flagler Pointe Apartments, a 416-unit multifamily community centrally located near Interstate 275 in St. Petersburg.

The sales price of $23.2 million equates to $55,769 per unit and $71 per square foot.

Jamie B. May, an executive director of IPA, advi
sed the seller, PRG Real Estate Management. The buyer is Merion Realty Partners.

Jamie B. May
“The investor purchased a well-maintained, renovated property at well below replacement cost,” says May. “The 91-percent-occupied asset already has a strong cash flow, and there are opportunities to generate even more income in a strong market through property upgrades, interior enhancements and rental rate increases,” May elaborates.

“Free and clear of debt encumbrances, this property is attractive not only because of its terms, but due to its location near Tampa Bay and its above-average amenities package. And, with no new construction in the submarket right now, we believe rental demand will stay high,” May concludes.

Originally completed in 1974 and extensively renovated in 2002, Flagler Pointe Apartments is a well-maintained multifamily community offering a wide array of amenities such as four resort-style pools, a 24-hour fitness center and two community clubhouses, as well as tennis and volleyball courts.

For a complete copy of the company’s news release, please contact:

Stacey Corso
Public Relations Manager
(925) 953-1716




Voit Real Estate Services Completes $11.85 Million Office Acquisition in San Diego, CA



Chula Vista, CA office building
 San Diego, CA, (Oct. 30, 2012) –Voit Real Estate Services’ San Diego office has successfully completed the $11.85 million acquisition of an 87,000 square-foot office building in Chula Vista, Calif. on behalf of the buyer.

According to Brandon Keith, a Senior Vice President in Voit’s San Diego office, the completion of this transaction marks the largest office sale in the Chula Vista submarket in 2012.

Brandon Keith
Keith worked with Tracy Clark of Voit’s San Diego office to represent the buyer, CHG Foundation, a California non-profit. CHG, or Community Health Group, is a nonprofit health plan operating in San Diego County.

“Our client was seeking a larger headquarters facility in close proximity to its current headquarters in Chula Vista to expand its local operations,” explained Keith.

 “This transaction is an excellent example of the ongoing recovery in the San Diego market. Companies are gaining the confidence to buy again, armed with the knowledge that real estate prices have likely hit bottom.

“ It is important to realize that there are many investment opportunities available in this market, and buyers should seek to make deals before prices begin to increase and quality product is snapped up by other investors.”

CHG Foundation will occupy 67,000 square feet of this two-story office/flex building for its operations. The remaining 20,000 square feet will be occupied by Hitachi America Ltd., a global supplier of household electronics, on a lease which was completed as part of the sale, according to Clark, a Senior Vice President in Voit’s San Diego office.

The seller, Chula Vista Investment Group, LLC, is a real estate fund managed on behalf of the Alaska Permanent Pension Fund, and was represented by Mickey Morera and Chris Holder of Cushman & Wakefield.

The property is located at 900 Hitachi Way in Chula Vista, Calif.

Contact: 

Judith Brower/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940

$20.5 Million Industrial Building Sale Closed by Marcus & Millichap in Addison, IL



ADDISON, Ill., Oct. 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, represented the buyer of 350 Rohlwing Road, a 453,361-square foot industrial building fully leased to Domtar Corp.

350 Rohling Ave., Addison, IL

A multinational paper producer, Domtar Corp. utilizes this building as its Chicago metropolitan area distribution center. The sales price of $20,518,106 equates to $45 per square foot.

            Marty Cohan, a vice president investments in Marcus & Millichap’s West Los Angeles office, represented the buyer, 350 WPI Rohlwing LLC.

John Przybyla, first vice president of the firm’s Chicago Downtown office and Marcus & Millichap’s broker of record for the state of Illinois, also provided representation.


“Core industrial assets on long-term leases to credit tenants, such as this 350 Rohlwing Road property, provide investors with stability, liquidity and very low management responsibilities,” says Cohan. “We sorted through hundreds of deals to find this client an up-leg to complete a 1031 exchange. This property has it all: location, credit-tenant and long-term lease,” adds Cohan. “It is an excellent match for this repeat client.” 

The net-leased property was listed with another brokerage firm. Consultation on financing was provided by Gregg Fox, based in Atlanta.

Domtar Corp. is publicly traded under the symbol UFS and as of December 2011 was rated BBB by Standard & Poor’s.
       
 Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716
 

New Architectural Concept Revolves Around ‘Sustainable Design’ to Aid Environment




GEICO Parking Garage, Downtown Orlando, FL
ORLANDO, FL – For most people, the environmental impact of buildings is startling. According to the U.S. Department of Energy, in the United States, commercial and residential buildings consume close to 40% of our total energy, 70% of our electricity, 40% of our raw materials, and 12% of fresh water supplies.

That observation comes from C.T. Hsu + Associates, P.A. of Orlando


They also account for 30% of greenhouse gas emissions and generate 136 million tons of construction and demolition waste.

 In the recent past, architects and engineers have designed buildings with an increased awareness of these environmental concerns. These efforts have grown into a field within the building design community called sustainable design.

Designing a sustainable building requires close cooperation between the design team, the architects, the engineers, and the client throughout all stages of a project.

Although new technologies are emerging to complement current practices in creating more sustainable structures, the common objective is to design buildings to reduce the overall impact of the built environment on human health and the natural environment by efficiently using energy, water, and other resources; protecting occupant health and improving employee productivity; and reducing waste, pollution, and environmental degradation.  

Osceola High School, Osceola, FL
 In June 2012, C.T. Hsu + Associates (CTH+A) was recognized by The International Parking Institute (IPI) with the Award of Excellence in Architectural Achievement for the Geico Garage in downtown Orlando. Along with the neighboring Amway Center, the Geico Parking Garage has become part of the southern gateway to downtown Orlando from Interstate 4 due to its magnitude, presence, and function.

Kristine Kurek Melanson
CTH+A has been working with the School District of Osceola County (SDOC) since 2003 on this $24,000,000, multi-year, multi-phased renovation and expansion project for Osceola High School, which is the one of eight high schools in Osceola County.   Osceola High School serves nearly 2,400 students and provides over 2,350 student stations. It is known as the Home of the Kowboys, and as the home of the distinguished "Double AA Scholar's Program".

For a complete copy of the company’s news release, please contact:

Kristine Kurek Melanson,
Senior Marketing Manager

C.T. Hsu + Associates, P.A.
820 Irma Avenue ·
Orlando, FL 32803 ·
407 423 0098 ·
 Fax 407 423 4793


Tuesday, October 30, 2012

Cousins Reports Results for the Third Quarter of 2012



Larry Gellerstedt

 ATLANTA--Cousins Properties Incorporated (NYSE:CUZ):
 Highlights

  • Funds From Operations was $0.25 per share, adjusting for special items FFO was $0.15 per share.
  • Completed the sale of Cousins Properties Services for a gain of $7.4 million.
  • Acquired 2100 Ross Avenue in Dallas, Texas.
  • Commenced operations at Emory Point in Atlanta, Georgia and Mahan Village in Tallahassee, Florida.
  • Same property net operating income increased 4.1% for the first nine months of 2012.
  • Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the quarter ended September 30, 2012.
 “It was an active and productive third quarter, with the execution of several encouraging transactions and another solid performance for the core operating portfolio,” said Larry Gellerstedt, CEO of Cousins. “We remain focused on simplifying the platform, leasing vacant space, and sourcing additional investment opportunities.”

For a complete copy of the company’s news release, please contact:

Cousins Properties Incorporated
Gregg D. Adzema, 404-407-1116
Executive Vice President and Chief Financial Officer
or
Cameron Golden, 404-407-1984
Vice President, Investor Relations and
Corporate Communications



HFF closes sale and arranges $49.35 million financing for 1401 South State in Chicago



1401 South State, Chicago

CHICAGO, IL – HFF announced today that it has closed the sale and arranged financing for 1401 South State, a 22-story, 278-unit Class A multi-housing high-rise in Chicago’s South Loop neighborhood.

                HFF marketed the property on behalf of an institutional seller.  Marquette Companies, Hunt Development Group and American Realty Advisors purchased the asset. 

HFF also arranged a $49.35 million, fixed-rate loan through Freddie Mac (Federal Home Loan Mortgage Corporation) on behalf of the borrower.  The securitized loan will be serviced through HFF’s Freddie Mac Program Plus® Seller/Servicer program.

                1401 South State is located two blocks south of the Roosevelt Road retail corridor in Chicago’s South Loop submarket.


Matthew Lawton
Completed in 2008, the property has studio, one- and two-bedroom units averaging 850 square feet each. 

Community amenities include a fitness center, sky garden with fire pit and bbq grills, social room, wireless cyber cafĂ©, dog run with bathing station and fountain, and business center.  The 95 percent leased property also has 2,488 square feet of street level retail and 195 parking spaces.

                The HFF investment sales team representing the seller was led by executive managing director Matthew Lawton and managing directors Sean Fogarty and Marty O’Connell.

                HFF’s debt placement team representing the borrower was led by managing director Matthew Schoenfeldt.


Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

Marcus & Millichap Sells Two Art-Deco Apartment Buildings on South Beach in Miami Beach, FL


1610 Euclid Ave. Apartments, Miami Beach, FL
MIAMI, FL, Oct. 30, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of two art deco-style apartment buildings on Miami Beach’s South Beach, according to Kirk A. Felici, First Vice President/Regional Manager of the firm’s Miami office.


Arthur D. Porosoff
The two-property portfolio consisted of a 23-unit building that sold for $2.69 million and a 20-unit building that sold for $2.31 million.

Senior Associate Arthur Porosoff in Marcus & Millichap’s Miami office, who specializes in the sale of multifamily properties in Miami Beach, had the exclusive listing to market the properties on behalf of the seller, a limited liability company from Miami Beach, FL.  Porosoff also represented the buyer of the properties, a private foreign investor from Venice, Italy. 

“Both properties are located in AAA locations, steps away from the world famous Lincoln Road Mall and just a few blocks from Ocean Drive and the Atlantic Ocean.  The irreplaceable locations will allow the buyer to yield above a four percent return in an international real estate market that is fueled by high demand and low supply,” says Porosoff. 

1600 Pennsylvania Ave. Apartments, Miami Beach, FL
The portfolio consists of two separate properties with different folios.

1610 Euclid Ave is a 23-unit apartment building with three structures: a main building consisting of 16 units, a two bedroom/two-bath home at the rear of the property and a four-unit building (currently operating as six units) on the south strip of the property. There are 12 one bedroom/one bathroom units, 10 studio units and one two bedroom/two bathroom unit.  The property sold for $2,690,000.

1600 Pennsylvania Avenue a 20-unit, corner, two-story apartment building constructed in 1953.  The building consists of 18 studio/one bathroom units and two one bedroom/one bathroom units.  The property sold for $2,313,000.

Press Contact:

 Kirk Felici
First Vice President/Regional Manager, Miami
(786) 522-7000

RioCan Real Estate Investment Trust And Tanger Outlets To Acquire Two Outlet Malls in Montreal for $94.7 Million


  
Les Factoreries St. Sauveur outlet center, Montreal
 TORONTO and GREENSBORO, N.C., Oct. 30, 2012 /PRNewswire/ -- RioCan Real Estate Investment Trust ("RioCan") (TSX: REI.UN) and Tanger Factory Outlet Centers, Inc. ("Tanger") (NYSE: SKT), through their co-ownership agreement, announced today they have waived conditions to acquire two outlet centres in the Montreal area, Les Factoreries St. Sauveur and Bromont Outlet Mall.

 The co-owners will purchase the properties on a 50/50 basis at an expected aggregate purchase price of $94.7 million (Canadian dollar, at 100%).  RioCan will provide development and property management services and Tanger will provide leasing and marketing services.

Bromont Outlet Mall development site
The co-owners intend to add value to the properties by implementing their operational and marketing programs and re-branding the properties under the Tanger Outlets flag.

The purchase price includes the assumption of the aggregate in place financing at Les Factoreries St. Sauveur of $18.8 million (Canadian dollar, at 100%) which carries a weighted average interest rate of 5.7% and matures in 2015 and 2020.

Bromont Outlet Mall is being acquired free and clear of financing.  Both transactions are scheduled to close in November 2012. The acquisition of these centers will enable the co-owners to expand beyond the Greater Toronto Area and implement their outlet center strategy immediately, as Tanger Outlet Centers enter into another Canadian market.

For a complete copy of the company’s news release, please contact:

RioCan Real Estate Investment Trust
Rags Davloor
Senior Vice President & CFO
(416) 642-3554

Tanger Factory Outlet Centers, Inc.
Frank Marchisello
Executive Vice President and CFO
(336) 834-6834










Atlanta Property Group Acquires Paces Cumberland Office Building in Atlanta, GA


  
Paces Cumberland, Atlanta, GA
 ATLANTA, GA (Oct. 30, 2012) – Atlanta Property Group, a locally based real estate investment firm, said today it has closed on its acquisition of Paces Cumberland, an office building in the Vinings portion of the Cumberland/Galleria submarket of Atlanta.

 The four-story, 70,000-square-foot office building is located at 2675 Paces Ferry Road near its intersection with I-285.

With the acquisition of Paces Cumberland, APG has now acquired six properties since mid-2010 totaling nearly 900,000 square feet. So far in 2012, these assets have seen positive net absorption of 106,500 square feet, which represents an occupancy gain of 13 percentage points.

Jonathan Rodbell
“Our leasing velocity demonstrates our ability to achieve our goal of positioning Atlanta Property Group as the go-to provider of well-located, quality office space for value-conscious small and mid-size tenants,” said Court Thomas, a partner in Atlanta Property Group. “We have accomplished this increase in occupancy during an otherwise generally flat period for the local economy and office market.”

 At Paces Cumberland, Atlanta Property Group plans to invest more than $300,000 into common area renovations to increase the aesthetic appeal of the building during its first year of ownership. Additionally, APG will invest more than $450,000 on systems upgrades.

Huston Green, Dennis Mitchell and Hayes Swann of Colliers International represented the seller. Terms of the transaction were not disclosed.

 Built in 1981, Paces Cumberland is currently 53 percent leased with 13 tenants.

 The property offers easy access to I-285 and I-75 and is proximate to Buckhead and Midtown.

 “Paces Cumberland fits perfectly into Atlanta Property Group’s portfolio,” said Jonathan Rodbell, a partner at Atlanta Property Group. “We were able to acquire it at an attractive price, it’s very well located and its existing floor plans function well for cost-conscious small business owners and entrepreneurs in the area.”

1200 Ashford, Atlanta, GA
“Our planned renovations will be particularly impactful at this property and will create strong leasing momentum,” Rodbell added.

 The other five Atlanta Property Group has acquired in the past two years are the 280 Interstate North in the Cumberland/Galleria submarket; 1200 Ashwood and The Park at Perimeter Center East in the Central Perimeter submarket; as well as 2801 Buford Highway and 1190 West Druid Hills, both in the Druid Chase office park.

Austin Chase and Kirven Brantley of Lavista Associates, who lease and market these properties, also will lease Paces Cumberland. They can be reached at 770-448-6400.

 This acquisition of Paces Cumberland puts Atlanta Property Group’s total portfolio at 2.2 million square feet in 14 properties. “We continue to seek similar opportunities across metro Atlanta,” Thomas said.

 Contact:

Tony Wilbert                                          
Wilbert News Strategies
404-965-5022 (O) 404-405-3656 (C)





Scott Sohr of Elmington Homes to Complete Knoxville Residential Community



Scott Sohr
NASHVILLE, TN /PRNewswire/ -- Elmington Homes, a Nashville-based real estate investment firm founded by Scott Sohr, recently completed the acquisition of bank owned lots in the Farragut, Tenn., residential community of Cabot Ridge.

 Elmington has acquired the last 10 parcels along Rockford Lane in Cabot Ridge with plans to complete new homes on the lots in the next 18 to 24 months.

Cabot Ridge subdivision, Knoxville, TN
Cabot Ridge is located just south of South Northshore Drive, near the Knox-Loudon county line off Harvey Road, and consists of two distinct sections. 

The Villas of Ridgepath Lane is fully developed with homes ranging from 3,300 to 7,000 square feet. The second section (where Elmington purchased), Homes of Rockford Lane, was partially completed when the residential real estate market experienced a downturn in 2008.

 The development is Sohr's second acquisition in the Knoxville area in the past few years.

For a complete copy of the company’s news release, please contact:

 Kimberly Kump
615-297-7766

Monday, October 29, 2012

PwC and ULI Report Say Commercial Real Estate’s Road to Recovery Will Continue in 2013



Mitch Roschelle
ATLANTA, GA (Oct. 29, 2012) – Members of the commercial real estate community are optimistic about the industry’s prospects in 2013, forecasting increased profitability as well as more absorption and decreased vacancy rates across all property types.

That’s the overall theme of the recently released “Emerging Trends in Real Estate 2013.” The latest episode of Michael Bull’s “America’s Commercial Real Estate Show” provided an enlightening look at the highly anticipated annual report, which is produced by PricewaterhouseCoopers (PwC) and the Urban Land Institute. The report is based on surveys and interviews of 900 real estate executives, investors, developers and market experts.

“We’ve really taken a turn, and those who play in the commercial real estate space feel very good about 2013,” said Mitch Roschelle, a partner at PwC and the leader of the firm’s U.S. Real Estate Advisory Group.

Chuck DiRocco
For instance, 74 percent of those surveyed this year said profitability “would be good to excellent” in 2013, according to Roschelle. Last year, 63 percent said the same about 2012.

Nevertheless, 2013’s recovery will largely be a modest one, as the industry and the United States as a whole face several macro-level challenges. Noting that the report’s subtitle is “Recovery Rooted in Uncertainty,” Chuck DiRocco, a real estate researcher for PwC, said the challenges include the ongoing Euro crisis, the upcoming “fiscal cliff” facing the federal government and relatively small GDP growth.

Roschelle said a “chase for yield” is bringing more investors into the commercial real estate space, as those frustrated by theperformances of stocks and bonds seek the higher and more stable rates of return produced in the sector.

Office Property
As for specific property types, industrial “was without a doubt the breakout asset class projected for 2013,” Roschelle said. “Two-thirds of our survey participants felt that the asset class was a buy. Only 8.5 [percent] suggested it was a sell.”

Investor interest in the office market also is beginning to climb. “The office sector is really becoming top of mind, and the reason there is we haven’t overbuilt office,” Roschelle said.

However, while it should experience modest improvements, the retail market “is still going to struggle a bit in 2013,” DiRocco said. “We know retail spending has increased a bit, but we still think there’s just a little bit too much space out there.”

Industrial Property
The report also forecasts increased availability of both debt and equity financing and increased investor interest in larger secondary cities.

Among the “best bets” for 2013 listed by the report: investors will concentrate acquisitions in budding infill locations; developers will scale back construction of apartment properties in low-barrier-to-entry markets; and property owners will look to repurpose obsolete facilities.

The entire “Emerging Trends in Real Estate 2013” episode is available for download at www.CREshow.com.

The next “America’s Commercial Real Estate Show” will be available on Nov. 1 and will examine the issues facing the commercial real estate industry in 2013.

Contact:

Stephen Ursery
Wilbert News Strategies
404.965.5026




$23.2 Million Suburban Houston Shopping Center Comes to Market



Fairmont Parkway Shopping Center, Houston, TX
PASADENA, TX, Oct. 29, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has the exclusive listing to market Fairmont Parkway, a regional shopping center located 20 miles from downtown Houston. The listing price of $23,257,000 equates to $139 per square foot.

Alvin Mansour, a senior vice president investments, and Phil Sambazis, a vice president investments based in Marcus & Millichap’s San Diego office, are representing the seller. Mansour and Sambazis are also senior directors of the firm’s National Retail Group (NRG).

Alvin Mansour
“Fairmont Parkway represents an excellent opportunity to invest in a highly visible, heavily trafficked retail asset,” says Mansour.

 “With over 80,000 residents within a three-mile radius, and neighboring big box stores like Super Target, Toys R Us and Kohl’s drawing shoppers to the area, not only is this 95 percent leased community center a strong addition to any portfolio, its square footage is currently priced below replacement cost.”

The 167,725-square foot property is situated on 23.27 acres in Pasadena, close to San Jacinto College. It comprises 13 tenants, including 24-Hour Fitness, iT’Z Family Fun Center, Goodwill and 3K Sports.

Phil Sambazis
The asset is positioned at the intersection of Sam Houston and Fairmont parkways, crossed by more than 50,000 cars per day. It is easily accessible from Beltway 8, an 88-mile beltway around the city of Houston that benefits from more than 84,000 cars per day.

 The property is across from two power centers: Fairway Centre, anchored by Super Target, Toys R Us and Kohl’s, and Fairway Plaza, anchored by Ross, Bed Bath & Beyond, Barnes & Noble, Marshall’s, Best Buy, PetSmart, Office Max, Michaels and Party City.



Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716


Voit Real Estate Services Completes $10.4 Million Office Acquisition in San Diego, CA


  
Scripps Ranch Area office building, San Diego
San Diego, CA  (Oct.  29 ,2012) – Brandon Keith of Voit Real Estate Services’ San Diego office has successfully directed the $10.4 million acquisition of a 60,870 square-foot office building in the Scripps Ranch area of San Diego on behalf of the buyer. 

Keith, a Senior Vice President in Voit’s San Diego office, represented Double Black Diamond Properties, LLC, as the buyer in the transaction.

“Our client was seeking a high quality property for long term investment,” explained Keith.  “We were able to meet these needs by identifying this Class A facility with existing income from 50 percent of the building, and then securing a new, long-term lease with a financial services company for the balance of the building.”

Brandon Keith
The office property’s second floor is currently leased to Paychex, Inc., a publicly traded company specializing in payroll, human resources, and benefits outsourcing.  Paychex occupies approximately 30,435 square feet of space in the building on a seven year lease, according to Keith.

“Competition for quality product in the San Diego office market continues to increase, and this is especially true in desirable areas such as Scripps Ranch,” noted Keith.  “As competition increases, real estate values will begin to climb. With that in mind, buyers should seek real estate partners who know the local market well, and can help them to select the best deals in the area.”

The seller, PV Meanley Drive, LLC, a real estate investment company, was represented by Jed Stirnkorb and Matt Pourcho of CB Richard Ellis.

The property is located at 10150 Meanley Drive in San Diego, Calif.

For a complete copy of the company’s news release, please contact: 

Judith Brower/ Jenn Quader
(949) 955-7940






Carl Domino Inc.'s HQ Relocates from Island To Downtown for Northbridge Centre Views in West Palm Beach, FL


Northbridge Centre, West Palm Beach, FL
WEST PALM BEACH, FL– After more than two decades at the same address on Palm Beach Island, investment adviser Carl Domino Inc. has been swayed by Northbridge Centre's commanding water views to relocate to downtown West Palm Beach.

"They initially wanted to stay on the island for the image and prestige, but the quality of the property, its views and affordability made Northbridge Centre attractive enough to move off the island of Palm Beach," explains Neil Merin, chairman of NAI/Merin Hunter Codman Inc., who represented the tenant. 

Neil Merin
 "They have floor-to-ceiling windows with views extending to the Atlantic Ocean and Intracoastal Waterway."

Kirk Fetter, vice president of leasing for the Dallas-based landlord, Gaedeke Group LLC, has secured a long-term lease for 2,858 sf on the eighth floor of the 21-story class A office building at 515 N. Flagler Dr. Build-out currently is under way on the new office, with Northbridge Centre's new tenant now occupying temporary space. The work is slated to be done by Jan. 1.

Kirk Fetter

Merin says an extensive search was launched in May, focusing on island options until his client toured the 288,233-sf Northbridge Centre. Carl Domino has increased the size of its office by 15 percent with its relocation from 251 Royal Palm Way.

Gaedeke Group, founded in 1995, is a full-service real estate firm that provides investment, acquisition, management, leasing construction management and portfolio management services. Headquartered in Dallas, Gaedeke's current portfolio encompasses three million square feet of class A office properties in Arizona, Florida, Tennessee, Texas, Washington, D.C. and Germany.

Contact:

Kirk Fetter, 561-515-7407

Post Properties Announces Third Quarter 2012 Earnings and Development of Post Soho Square™ in Tampa, FL



Dave Stockert
 ATLANTA, GA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $21.3 million, or $0.39 per diluted share, for the third quarter of 2012, compared to net income of $7.9 million, or $0.15 per diluted share, for the third quarter of 2011.

Net income available to common shareholders for the nine months ended September 30, 2012, was $62.3 million, or $1.15 per diluted share, compared to net income of $16.3 million, or $0.32 per diluted share, for the nine months ended September 30, 2011.

Dave Stockert, the Post’s CEO, said,“Our business continues to be robust, across-the-board. Core funds from operations grew on a per-share basis in the third quarter by more than 20%.

“ We put up another strong quarter of same-store operating results, closed a significant number of condominium sales, and commenced another apartment development that should create value, while complementing our high-quality portfolio.

“Finally, we were delighted that both of the major ratings agencies have now upgraded our corporate credit ratings to reflect the work we’ve done to strengthen the balance sheet.”

The Company also announced the development of its Post Soho Square™ apartment community located in the Hyde Park submarket of Tampa, Florida.

Hyde Park neighborhood, Tampa, FL
Post Soho Square™ is planned to consist of 231 apartment units with an average unit size of approximately 880 square feet and approximately 10,556 square feet of retail space. The community is expected to have a total estimated development cost of approximately $39.8 million.

The Company currently expects the stabilized yield on the project will be approximately 6.25%, after a 3% management fee and $300 per unit reserve, and based on current market rents, without trending. The Company anticipates that first apartment unit deliveries will occur in the first quarter of 2014.

For a complete copy of the company’s news release, please contact:

Post Properties, Inc.
Chris Papa,
 404-846-5028

HFF arranges $96 million financing for Greenwich, CT multi-housing communities



Greenwich Place Apartments
 FLORHAM PARK, NJ – HFF announced today that it has arranged $96 million in financing for Greenwich Place and Greenwich Oaks, Class A multi-housing communities totaling 396 units in Greenwich, Connecticut.

                Working on behalf of LCOR, HFF placed two fixed-rate loans with Allianz Real Estate of America.  A $55 million loan was arranged for Greenwich Place and a $41 million loan was secured for Greenwich Oaks.  The properties were previously unencumbered with debt.


Greenwich Oaks Apartments
Greenwich Place and Greenwich Oaks are located two miles apart close to Interstate 95 about 35 miles north of New York City.  Greenwich Place is situated on 30 acres at 311 Putman Green. 

The property consists of 266 one-, two- and three-bedroom units that average 1,312 square feet each.  Greenwich Oaks is located on 29 acres at 219 Weaver Street and has 130 two- and three-bedroom units that average 1,850 square feet each.

Jon Mikula

Community amenities at each property include a clubhouse, heated pool and fitness center.  Both properties were renovated in 2010 and 2011.

                The HFF team representing LCOR was led by senior managing director Jon Mikula and managing director Jim Cadranell.

  LCOR is a fully-integrated real estate company specializing in property investment, management and development with a diverse portfolio of residential, commercial, and public/private projects.   

Jim Cadranell
LCOR’s real estate operating and development business manages more than 8,300 multifamily units, 7.7 million square feet of commercial space and a substantial development pipeline of mixed use real estate in core markets.  Nationally, LCOR has developed more than 21,000 residential units and 18+ million square feet of commercial space.  LCOR is principally focused in the eastern United States, with offices in New York City, the Washington D.C. and the Philadelphia metro areas.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com






Hunter Completes Sale of Comfort Suites in Suburban D.C.



Comfort Suites, Manassas, VA
 ATLANTA, GA and WASHINGTON, DC, Oct.29, 2012—Hunter Hotels announced today that it advised the owner on the sale of the Comfort Suites in Manassas, Va., in suburban Washington, D.C.  Hunter represented a national special servicer as the seller of the 138-guest suite hotel to a regional multi-property owner.

Lee Hunter, chief operating officer of Hunter Hotels, led the Hunter team, which included Kyle Stevenson from Hunter’s D.C. office, on the $7.3 million sale.  Hunter generated nearly 20 offers for the five-story hotel which is located at 7350 Williamson Boulevard just off heavily traveled Interstate 66. 

Lee Hunter
“Washington remains a strong hotel market as does the Eastern corridor from New England to Miami,” Hunter said.  “We also are seeing an uptick in hotel real estate activity at our offices in the Midwest, Southwest and West Coast.  California and Texas are particularly active now.”

“As the hotel economy strengthens, we see more and better properties coming to market in all of our seven offices nationwide.  We are currently seeing a flurry of activity from hotel owners who want to complete sales before any potential changes take place in tax rates,” said Hunter.

“We are also working with a substantial number of owners who plan to sell in the first and second quarter.  We anticipate another record year for Hunter Hotels this year and next.”

Additional information, including current listings, is available at the company’s website, www.HunterHotels.net, or by contacting the Atlanta headquarters at 770-916-0300.

Contacts:

Jerry Daly media
703) 435-6293

 Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office:  (703) 435-6293
Cell:  (703) 300-8289

Sales at The Residences at W Atlanta – Downtown are on Track with Projections


  
The Residences at W Atlanta-Downtown
 ATLANTA (October 29, 2012) – Since re-launching its sales program at amazing new prices, The Residences at W Atlanta – Downtown has sold 15 of its 74 homes to savvy buyers.

Downtown Atlanta continues to enjoy vibrant growth and both new homeowners and developers recognize the opportunity to capture the value in the resurgence. 

Recently, Regent Partners and Post Properties have secured additional parcels in Allen Plaza for future development, and projects including the National Center for Civil & Human Rights, the College Football Hall of Fame and the Atlanta Streetcar are moving forward.

David Tufts
Homebuyers who act now will gain access to the luxurious W lifestyle at an incredible value.

 “The hotel’s occupancy and demand makes the W lifestyle a strong seller Downtown,” says David Tufts, president of The Marketing Directors. “We’re selling five-star features and amenities at highly attainable prices unmatched by any new construction in the market.”

For more information, explore www.watlantaresidences.com or call 404-524-4092.

 For a complete copy of the company’s news release, please contact:

Liz Lapidus /Kate Thacker
Liz Lapidus Public Relations
404.688.1466





Sunday, October 28, 2012

NAI Realvest Negotiates Sale of Industrial Building at Longwood’s Big Tree Crossing Industrial Park in Florida for $330,000


Big Tree Crossing Industrial Park, Longwood, FL
MAITLAND, FL--- NAI Realvest recently negotiated the sale of a free-standing industrial building at 2000 Tree Fork Lane at Big Tree Crossing Industrial Park off CR 427 in Longwood.

Michael Heidrich, principal at NAI Realvest, negotiated the transaction representing the seller, Sacramento, Calif.-based 2000 Tree Fork Lane, LLC.   

Michael Heidrich

Navrod Properties, Inc. is the buyer who paid $330,000 for the 7,200 square foot building which includes some office/showroom space.   Chuck McNulty of The McNulty Group represented the buyer in the transaction.

For more information, please contact:

Michael Heidrich, Principal, NAI Realvest 407-875-9989 mheidrich@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com  
Beth Payan, Larry Vershel Communications, 407-644-4142 lvershelco@aol.com